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New Silkroutes market-rigging scheme: Prosecution alleges Goh Jin Hian was mastermind, ex-director jailed

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SINGAPORE — A former finance director of Singapore-listed New Silkroutes Group was sentenced to 12 weeks in prison on Sept 16 after pleading guilty to manipulating its share prices to allow its shares to be used as consideration for corporate deals.

New Silkroutes market-rigging scheme: Prosecution alleges Goh Jin Hian was mastermind, ex-director jailed

Goh, 55, the son of former prime minister Goh Chok Tong, Teo, Kelvyn Oo Cheong Kwan, the group's former chief corporate officer, and Huang Yiwen, the sole director of GTC Group, a commercial market maker that New Silkroutes had engaged, were handed in September 2023 a total of 132 charges related to false trading offences. The pre-trial conference for Goh, Huang and Oo is scheduled for Sept 26.

But its efforts to acquire companies and raise capital through private placements were hindered by its weakening share price in 2017. On Feb 21, 2018, it announced a proposed placement of 11.4 million new shares at a price of 44 cents per share to an external investor, Dr Andrew Chua Soon Kian, to raise $5 million. This placement was completed in March 2018.

"There were concerns that Haitong might not exercise its option if the share price continued on its downward trend, or that Shen Yuyun might ask for a greater premium if the share price fell below a certain level," the prosecution added.

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Ex-director of New Silkroutes Group jailed for market rigging; prosecution calls Goh Jin Hian the ‘mastermind’Four men allegedly conspired to push up the share price of New Silkroutes Group as a way to facilitate the company's expansion through acquisitions.
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